WeWork Cos. agreed to a $4.4 billion investment from SoftBank Group Corp. and its Vision Fund, part of an aggressive global expansion plan for the co-working startup.

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SoftBank is sitting on a massive cash pile thanks to a nearly $100 billion technology fund it started with the Saudi Arabian government. The Japanese investment firm has been ramping up deals with tech companies, rankling venture capitalists in the process. VCs worry SoftBank could drive up valuations and create a frothy market.

WeWork's valuation increased to about $20 billion after the latest investments from SoftBank, a person familiar with the matter has said. That made it among the world's five most-valuable tech startups. Parts of the deal had been previously disclosed.